So I am getting pre approval letter to buy a property. This is Texas. The agent said I should close with this same mortgage as pre approval. Not sure why though as I’m not done negotiating with different banks. I can get better rate but involves some negotiation that will take time. I plan to get quick pre approval letter, I already have one but it is for a little less than house price. So I can get that changed I think pretty quickly. What is downside is she talking about using same mortgage as pre approval letter? The close date set for Jan 2 so I have time to negotiate.
Real estate agent told me I should use same mortgage as pre approval letter.
byu/Nearing_retirement inRealEstate
Posted by Nearing_retirement
1 Comment
Did your agent refer you to the broker/company that gave the pre approval? I’ve seen sometimes they don’t want to sour that relationship, even though legally there’s no financial incentive between lender and agent.
Beyond that, especially with your time horizon, I see no reason to pick whatever lender you want to utilize, once you’re under contract.
The IDEAL is of course whomever you pre approve with is who you close with to make it smoothest.
That said: I’ve changed lenders from who I got pre approved with on multiple closings in the past, wasn’t problematic.
Who you’re pre approved with can make a difference during negotiation, as any good sellers agent will call the lender to get an impression on how solid a borrower you are and how likely you are to close.
Caveat: haven’t seen YOUR contract so YMMV, if there’s some specific conditions in there that’d change my perspective.